Expatriates: Rent or Own the place of living in Thailand

[sitta]

Is it better to rent or just buy (condo) outright?

[blackcab]

Moved to the Real Estate forum.

[scubascuba3]

Depends a lot on age, how old are you?

[DaLa]

When I came here 12 years ago I looked at a number of condos in view of buying. I then spent 5 years moving around before I came to a conclusion. It didn't cost me a great deal in rent but it gave me breathing space in which to discover where geographically I wanted to live and more importantly that I didn't want to be boxed into an apartment.

Depends very much on your financial resources, what type of person you are and what your long term plans are.

[brewsterbudgen]

As a teacher on a poor salary when I first arrived here in 2005, I bought a nice 1-bedroom condo so that I could live in a decent place in the centre ("midtown" actually), with decent facilities, near the BTS.  Had to sell it 10 years later as I got married and had a kid.  Fortunately, I didn't make a loss.  Now it's renting all the way.

[grain]

Better to rent. You never know what will happen near you or next to you that will turn your life into a nightmare. And when these situations arise all you can do is move away. 

[Paulaew]

I own a house upcountry (in the wife's name of course) and I rent a condo in Bangkok since I like to spend part of my time in the city. I considered buying a condo in Bangkok, but it didn't really make sense to spend 5 or 6 million baht for a decent place. Rents are not very expensive, I live in a very quiet place in one of the upper Sukhumvit sois,  and I have an excellent landlord, so that works for me.

 

Paul Laew

[RafPinto]

30 minutes ago, scubascuba3 said:

Depends a lot on age, how old are you?

86

[Hummin]

You can not choose your neighbours, so therefore rent! 

 

5 years ago I was going to buy the perfect condo, but never found it to the price I was willing to pay. The few I was interested in and  I almost bought or was interested in, is still on the marked. 

 

 

 

[worgeordie]

It all depends on how long you intend to stay in Thailand ,

If forever , buy , if less than say 5 years just rent, at the

moment renting is better as property is expensive.rents

are reasonable.

regards Worgeordie

[RafPinto]

7 minutes ago, worgeordie said:

It all depends on how long you intend to stay in Thailand ,

If forever , buy , if less than say 5 years just rent, at the

moment renting is better as property is expensive.rents

are reasonable.

regards Worgeordie

Rent in Europe goes up like crazy and competition is fierce.
Here, the tenant dictated the price.
When contract near the end, make an offer. Not accepted, move on.
Thousands of empty condos to rent and many landlords willing to accept low offers because better something than nothing as most have to pay their bank loan.
 

[JonnyF]

I rented for 10 years and finally bought a condo about 5 years ago.

 

No regrets buying and wish I'd done it sooner. I like the stability of having a permanent base here and so far I've recouped over 30% of the price I paid for the condo in rent that I didn't have to pay. I'll be here at least another 5 years so by that time I'll have recouped about 70% of the price I paid. In fact, in all likelihood I'll still be here in 10 years by which time I could give the condo away and still be up. In reality it will still be worth around what I paid so I could sell it and I'll have lived rent free for 15 years.

 

I also brought the money over at 55 to the pound so theoretically I've made 20% on that as well but obviously it depends on the rate if and when I sell it. I doubt I'll ever sell it as I like having a base in Bangkok as I love the city.

 

However for me it wasn't purely a financial decision and I do see some benefits in renting but personally I hated moving condos and I didn't like having a landlord. I like being able to decorate/renovate as I choose, I like not having inspections, worrying that the landlord will kick me out to let a friend move in, hike up the rent, invent damage, not return deposits etc. Fortunately my place is well managed and quiet but I can see the risk of buying somewhere that turns out to be a AirBnb for Chinese hordes or similar.

[1FinickyOne]

that is very individual.

 

Renting is great if you don't want to lock yourself in..

 

Owning is great if you want to customize the place as to your own liking... 

[sirineou]

We have buid our own house , but if you are new here, I say rent for a while. 

If you have been here for a while, know where you want to be and are ready to settle down for the long term,, There is no substitute for owning your own property, 

When you rent you are in temporary mid set and you don't do the things you want to do to your home. 

[CrunchWrapSupreme]

Here's what I did and recommend. To each their own, however:

 

1) After finding that special lady, size up her family's living situation. You'll have plenty of time to do so over the years as you live elsewhere, when visiting her folks over New Year's and Songkran.

2) Is it a decent house, not a shack? How are her folks to you? Happy to see you, communicative? Working with your basic Thai? How are the neighbors? Crazy drunks or druggies? Any young, bratty fam members about? Older relatives dropping by with hands out?

3) If all that sorts out, move in with 'em. Why not? They'll expect monthly assistance, the water and electric bills, septic tank, couple of trips to the Big C in town, all of which will amount to less than the avg condo rent. Do some occasional work on the house, fun, appreciated, kills time. Eventually upgrade their TV and fridge. You'll feel better helping out the fam, rather than some hi-so landlord's vacations, or their kids' fancy private schools. ????

[Card]

I rent my main abode but own holiday homes. I think renting is better because you can move around easily for both variety of living and in case of neighbour or environmental problems. 

[swm59nj]

As an expat I feel it’s better to rent.  Because you never know what might happen.  You might even want to move out of Thailand some time.

But keep in mind.  It also depends on your individual circumstances. 
 

[Guderian]

I think that it really depends on how long you intend staying here. For a 2 or 3 years stay, there's not a lot of sense in buying somewhere if you're certain you'll be moving on. If Thailand is planned to be your final destination, though, then after doing your due diligence it makes a lot more sense to buy a place. I bought a house over 10 years ago, I've been able to redecorate, refurnish and add extensions according to my own wishes and I am very happy living here as it's the way I want my main residence to be. As a bonus, I've saved around 3 million Baht in rent, and have a very attractive asset to leave to my GF or family when I finally pop my clogs. For a house, providing you check the usual stuff properly beforehand, I'd say always buy, though I'd be a bit more cautious over a condo as what you actually own is a bit vague. I mean, it was easy for me to knock down a bedroom wall and extend the room outwards by 10 ft, increasing the total floor space in my house. You can't usually do that in a condo, unless you buy the room next door. Of course, ownership isn't for everyone as it entails maintenance and other costs that a renter doesn't normally bear, plus a lot of people are scared about owning a house via the company route, but that's fine. if we all felt the same way the world would be a terribly boring place.

Edited January 28, 2022 by Guderian

[arithai12]

I thought this has been asked and debated a zillion times, if there was one universal answer we would know it. Obviously there are pro's and con's, in the end only you can know what's good for you.

Edited January 28, 2022 by arithai12

[tingtongfarang]

When i first arrived i tried living in a couple of condos near the center of bkk, the whistlers drove me away then i found renting houses was much cheaper renting condos anyway,

[ivor bigun]

we rented at first as our son got older and had a very good job ,we purchased on a mortgage ,when i am gone our son will own it and live there or sell it ,as will my wife ,

[bkk6060]

Rent.  Freedom and portability.

Invest your money in a true transparent investment, not Thailand real estate.

Edited January 28, 2022 by bkk6060

[Pinot]

I've always advised people never to buy anything here. I can't imagine a worse investment. 

 

There isn't a single person I know who owns and doesn't regret it. They're all stuck with no way out except a big loss. Management nightmares are common. Building are poorly constructed and deteriorate quickly. 

 

Two friends recently (coincidentally) were finally able to bail on properties that they'd had on the market literally for years. Both of them took a bath but are relieved to finally be able to get out. 

 

Rent. Rents are cheap and they're going to remain cheap for decades to come. The flexibility that renting offers overwhelms any argument to buy. 

[Grusa]

Quite simply, only buy if you are able and prepared to walk away and lose the money.....regardless of the economic arguments of renting vs purchase.

 

<deleted> happens!

[BritManToo]

38 minutes ago, ivor bigun said:

we rented at first as our son got older and had a very good job ,we purchased on a mortgage ,when i am gone our son will own it and live there or sell it ,as will my wife ,

I purchased on a mortgage as well, deposit was 300kbht.

I wish I hadn't, but the monthly payments weren't any more than rent, so in the end it's only the 300k I've lost. 

[sitta]

Thanks for all the feed back,  Had a house before but never again, bad taste, now think of coming back to Thailand in Feb or March and will definitely RENT.

[pedro01]

We were renting in Sukhumvit 65. Wife wanted a house, so we comprimised on doing that if the mortgage was less than the rent. I put up the deposit and interior cash.

 

10 years on, I couldnt imagine being back in town. Suburbs all the way.

[Martin Brit]

In my opinion you should buy in your own country where you understand the market and the law. Rent that out and you will only need to spend a third of your rent on renting a nice condo in Thailand. Condos go down in value over time. Not just Thailand but most places. I bought a ski apartment in Bulgaria. Sold it for half of what I paid for it 15 yes ago and it still isn't worth what I paid for it. Buyers want new condos not old ones. Rent rent rent.  

[Obama]

The problem with buying any condo in Thailand is that the Thai's do not maintain their buildings. This is the reason that the Thai's usually buy new property.

[Pmbkk]

 

I own a number of places I rent out in CBD Bangkok.

 

I've stayed in service apartments in BKK when working.

 

My advice would be, unless you're buying a freehold to locate & build a family. is to very, very firmly RENT. 

That's not because I rent out places, it's based on what I would do now - and will do.

 

 

Edited January 28, 2022 by Pmbkk